Page 2586 - Business Finance
CBS CEO Moonves resigns, company settles Shari Redstone, NAI lawsuit
(Reuters) - CBS Corp CEO Leslie Moonves resigned from the company, the company said on Sunday, amid fresh allegations of sexual assault and harassment.
Deutsche Telekom's IT services arm agrees to cut 5,600 German jobs
BERLIN (Reuters) - Deutsche Telekom's loss-making IT services arm T-Systems said on Monday it had agreed with labour leaders to cut 5,600 jobs in Germany as part of CEO Adel Al-Saleh's strategy to return the company to profitability.
Aegon Life appoints Ahmed Zackaria as Chief Distribution Officer
Aegon Life Insurance on Monday announced appointment of Ahmed Zackaria as the Chief Distribution Officer.In this role, Zackaria will manage all the sales channels for the company."We welcome Ahmed and look forward to gaining from his experience to enhance our capabilities as a Direct-to-Customer company. The deep understanding he has of customer needs and financial solutions will take Aegon life to newer heights," said MD and CEO Aegon Life Insurance, Vineet Arora.Zackaria brings with him a rich experience of over two decades in Corporate and Retail Banking. His recent assignment has been with IndusInd Bank and prior to that he has been associated with ICICI Bank for over 13 years where he has built a profitable distribution business for different geographies across the country.Zackaria holds a bachelor's degree from Sydenham College and a Master's in Business Administration from Pune University.
Snap's Chief Strategy Officer Imran Khan to leave
(Reuters) - Snap Inc, the parent of Snapchat messaging, said on Monday Chief Strategy Officer Imran Khan will step down, the latest top-level executive to exit the company.
Sensex, Nifty fall over one percent to near four-week closing low
(Reuters) - Indian shares fell over 1 percent on Monday to their lowest close in nearly four weeks, as fears of an escalating U.S.-China trade war and a sinking rupee dampened investor sentiment.
Tin rises on firm demand
Tin prices rose at the non-ferrous metals market here on stockists' buying amid firm demand from alloy industries. Elsewhere, zinc, copper utensils, copper billets and copper cable scrap also gained owing to good demand from industrial users. While, copper armiture and copper sheet cuttings eased due to sluggish demand from industrial users. Tin prices climbed by Rs 25 per kg to Rs 1,430 from last Saturday's closing level of Rs 1,405 and zinc prices regained by Rs 2 per kg to Rs 214 as against Rs 212. Copper cable scrap, copper utensils and copper billets inched up per kg each to Rs 453, Rs 417 and Rs 481, respectively. However, copper armiture and copper sheet cuttings softened by a Re per kg to Rs 440 per kg.
Sun Pharma arm to acquire shares of Israeli firm Tarsius Pharma for USD 3 mn
Drug major Sun Pharmaceutical Industries Monday said it has agreed to acquire 18.75 per cent shares of Israel-based Tarsius Pharma for a cash consideration of USD 3 million (over Rs 21 crore). One of the company's wholly-owned subsidiaries has agreed to acquire 3,45,622 ordinary shares of Tarsius Pharma, of nominal value of NIS 0.01 each by way of subscription, representing 18.75 per cent of shares of Tarsius on a fully diluted basis, Sun Pharma said in a filing to BSE. "Cost of acquisition is USD 3 million," it added. Indicative time period for completion of the acquisition is before September 15, 2018, Sun Pharma said. Tarsius is an early stage research and development company focusing on development of drug candidates in the field of ophthalmology, it added. Shares of Sun Pharmaceutical Industries closed at Rs 639.50 per scrip on BSE, down 3.72 per cent from its previous close.
Sustained rupee falling credit-negative for Indian firms: Moody's
The ongoing free fall of the rupee against the US dollar is credit negative for Indian companies, especially for those that generate revenue in rupees but rely on dollar debt to fund their operations and have substantial dollar-based expenses, Moody's Investors Service said on Monday.
Volvo Cars drops IPO citing trade tensions and downturn
BEIJING/PARIS (Reuters) - Volvo Cars and its owner Geely said on Monday they had postponed plans to float shares in the Swedish carmaker, blaming trade tensions and a downturn in automotive stocks.
Fuel price hike: Rajasthan minister asks people to 'reduce expenses'
In the wake of the continuous hike in fuel prices, state minister and MLA from Rajasthan's Churu district, Rajkumar Rinwa, has appealed to people to reduce their expenses."The price of petrol depends on the crude oil price in the international market. The government is trying to reduce the price. There are so many states which are affected by floods; there is a lot of expenditure. People don't understand that the hike is due to the increase of crude oil price, so they should reduce their expenses," Rinwa told media here on Sunday.Criticising Rinwa over his statement, Congress' Sachin Pilot told ANI: "Such remarks from BJP leadership tell you they are very arrogant, they are insensitive to the needs of people. When people are suffering, they are making it worse by such outlandish statements."Around 21 Opposition parties, including the Congress, are observing a nationwide strike today due to the hike in petrol and diesel prices across India.Petrol and diesel are being sold at Rs 80.73 .
Rishabh Digha Steel, Allied Products announce 20% dividend
Despite recessionary trends and weak steel demand, Rishabh Digha Steel and Allied Products have maintained a 15 year track record of regular dividend to its shareholders since 2004.It has declared 20 per cent dividend for FY18 and it has announced a book closure for dividend from September 14, 2018. Stock is available cum dividend till 14th September 2018. Incorporated in 1991, the company under the leadership of Ashok Mehta, Managing Director, is mainly engaged in the job-work of de-coiling, straightening, cutting, shearing of hot rolled, cold rolled and mild steel coils/sheets. Rishabh Digha's production facility is located at Taloja District, Raigad, Maharashtra.Spread across 5,430 square metre (approx. 60,000 sq. feet) of industrial shed, it has an equal amount of built plant capacity of processing and storage capability of 20,000 metric tonnes per month. Being strategically located at Taloja MIDC ensures easy transport of raw material and delivery of finished goods to all over ...
Sensex drops below 38,000 on weak global stocks
Domestic stocks dropped sharply tracking negative global cues as fears of a potentially major escalation in the Sino-US trade conflict weighed on investor sentiment, while the rupee depreciated to a fresh low, bolstering inflation concerns. The barometer index, the S&P BSE Sensex, lost 467.65 points or 1.22% to settle at 37,922.17. The Nifty 50 index lost 151 points or 1.30% to settle at 11,438.10. The Sensex ended below the psychologically important 38,000 mark after moving above and below that level in intraday trade.
Quick Wrap: Nifty PSU Bank Index declines 2.21,NIFTY Tumbles 1.30%
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Axis Bank shares up 1%
Shares of Axis Bank ended 1 per cent higher Monday after the lender appointed Amitabh Chaudhry as Managing Director & CEO from January 1, after incumbent Shikha Sharma steps down at the end of this year. The scrip jumped 4.92 per cent to Rs 676.90 -- its 52-week high -- in intra-day trade on BSE. However, the stock trimmed most of its early gains and ended at Rs 651.55, up 0.99 per cent. The stock was the biggest gainer among the 30-blue chips. At NSE, shares of the company rose by 0.92 per cent to close the day at Rs 651.50. In terms of equity volume, 17.45 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day. The announcement was made on Saturday. Chaudhry, currently the MD & CEO of HDFC Standard Life Insurance Company, has been appointed as MD and CEO for a period of 3 years, with effect from January 1, 2019 up to December 31, 2021. Axis Bank reported a 46 per cent drop in net profit to Rs 701.09 crore for the April-June .
Tata Motors global sales up 14% in August
Tata Motors reported Monday 14 per cent increase in global sales, including that of Jaguar Land Rover (JLR), to 1,07,030 units in August. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range last month were at 45,719 units, up 29 per cent from the year-ago period, the company said in a statement. Sales of all passenger vehicles globally were at 61,328 units in the month, a growth of 4 per cent from August last year, it added. For JLR, global sales were at 42,658 units in August. Jaguar wholesales for the month stood at 14,209 units, while Land Rover sales were at 28,449 vehicles.
Foodpanda ties up with Ola to increase customer reach
Foodpanda, the food delivery company announced Monday, that it will be integrated within the Ola app to reach to an additional customer base of 150 million in the country. Foodpandas technology centre, launched earlier this year, is working with the teams at Ola to seamlessly integrate food-ordering experience on the Ola app to further boost Foodpandas growth and enable its reach untapped consumers across the country. Foodpanda also said it clocks 3 lakh orders a day currently. The company said it is on track to fulfil its earlier commitment to hire 60,000 delivery riders in the next couple of months. ***************** Sunil Shah named CEO of Societe Generale's solution centres * Societe Generale announced Monday the appointment with immediate effect of Sunil Shah as chief executive officer (CEO) of Societe Generales solution centres, Societe Generale Global Solution Centre (India) and Societe Generale European Business Services (Romania). Based in Bangalore and ...
'Kerala flood: MFIs to be hit the most on weak credit quality'
The floods in Kerala is likely to impact the microfinance institutions (MFIs) the most given the weakened credit quality of the borrowers, a report said. All the lenders are expected to see loss of business and low collection efficiency as the flood-affected borrowers would prioritise restoring normal life in such circumstances, Crisil said in its report Monday. "The micro lenders (MFIs), many of whom had suspended collections till August 31, will feel the most pressure given the weakened credit quality of the borrowers," it said. The ratings agency also expects delinquencies to rise in the micro, small and medium enterprise (MSME) segment as banks will face pressure to recover money, particularly from those engaged in the manufacturing activity. "The loss of income-generating assets and savings, and the unanticipated damages caused by the floods, could impair the debt servicing ability of borrowers. Consequently, delinquencies are likely to rise," it said. However, the .
No end to fuel price hike, climbs to new high
A depreciating rupee and expensive crude oil further pushed domestic fuel prices to new record highs on Monday even as a united Opposition led by the Congress staged a nationwide shutdown protest against the rising prices.
Rohan Joshi tickles the funny bone at the Elite Experience by Le Club AccorHotels
Le Club AccorHotels, the loyalty programme by AccorHotels, has more than 50 million members globally, with members in India growing at a rate of 35 percent annually. The award-winning loyalty programme provides one of the most diversified offerings for point accumulation and redemption.Elite Experiences is an integral component of privileges rewarded to Le Club AccorHotels members. Under this, the members can use points accumulated to avail exclusive access to entertainment events that have been packaged for "one-of-a-kind experience".Recently, Le Club AccorHotels invited its esteemed members for a fun evening with the well-known stand-up comedian Rohan Joshi at Novotel Bengaluru Techpark, coupled with a delightful gourmet menu curated by Executive Chef, Jaideep Kanugoe. Members enjoyed the gala dinner paired with cocktails, with a chance to interact with Rohan Joshi as well.The event was hosted by Arif Patel, Vice President - Sales, Marketing, Distribution and Loyalty, AccorHotels ...
Turnover on NSE's F&O segment rises
Nifty September 2018 futures at premium